The world’s two largest corporate social responsibility initiatives forged an alliance to help build a universal standard on corporate sustainability and disclosure. The alliance hopes to transform business practices on a global scale.

Under the terms of the Memorandum of Understanding, GRI, which is subject to due process, will integrate the Global Compact’s 10 principles and issues in its next Sustainability Reporting Guidelines. Similarly, the Global Compact will use the GRI Guidelines as the recommended framework for companies to communicate on progress.

Together, the two initiatives hope to provide companies with clear direction to sustainable performance and transparency.

CEOs believe investors are the key in creating a more sustainable global economy, according to a new study by Accenture and the UN Global Compact. The results of a survey of more than 766 CEOs found that 86% of CEOs want investors to value sustainability in their long-term investments.

“The momentum is there from both companies and investors to create a sustainable economy. In particular it is remarkable that in just four years over US$20 trillion of assets have been signed to the Principles for Responsible Investment,” said Gavin Power, deputy director of the UN Global Compact.

Since 2006 the UN-backed Principles for Responsible Investment Initiative (PRI) have been encouraging investors to integrate environmental, social and governance issues in their investments.

In his address, The Secretary General urged the business, civil society and government leaders to lead a “race to the top”, embracing openness, anchoring profit-making in social principles and favouring long-term horizons over pursuit of short-term profits.

Mayor Bloomberg – noting that he was speaking as a former CEO as well as an elected official – said that good corporate citizens recognize that support for human rights is in their enlightened self interest.

The three organizations are asking business leaders to work with them to develop principles – to be known as the Children’s Principles for Business – so that they can avoid the negative impacts that their activities may have on children, and contribute to a better future for everyone.

In advance of the Leaders Summit to be held this week in New York, the United Nations Global Compact and Accenture have released findings of a survey of over 766 CEOs around the globe – the largest research study of top executives ever conducted on sustainability.

In response to the survey, an overwhelming majority of corporate CEOs – 93 percent – say that sustainability is critical to the future success of their companies—in spite of the recent economic downturn. CEOs also believe that, within a decade, a tipping point could be reached that fully meshes sustainability with core business – its capabilities, processes and systems, and throughout global supply chains and subsidiaries.

In addition to an online survey, the study included extensive interviews with 50 of the world’s leading CEOs.

With just a few days until the UN Global Compact Leaders Summit 2010 convenes in New York City, registration has closed and more than 1,200 executives from nearly 100 countries are confirmed to attend this historic event. Final preparations are being made, including a number of exciting side events to take place at the Marriott Marquis Hotel in Times Square and other locations.

In addition, widely acclaimed author and blogger Dirk Matten will serve as an official Summit blogger, delivering independent coverage and analysis through the highly respected Crane and Matten Blog. An expert on issues of corporate social responsibility, Professor Matten holds the Hewlett-Packard Chair in Corporate Social Responsibility and is a Professor of Strategy at the Schulich School of Business (York University, Toronto), which is ranked number one globally by the Aspen Institute for integrating issues of social and environmental stewardship into curricula and research. Dirk was recently ranked among the ‘Top 100 CSR Leaders’ globally in an independent poll by the Cambridge based think tank CSR International.

The Management Model, developed in collaboration with Deloitte, will also be highlighted as a key management tool at the upcoming Global Compact Leaders Summit on 24-25 June 2010. Deloitte is a founding signatory to the UN Global Compact.